Since our last commentary in this series, several things have taken place. Let’s recall some of them: Jobs growth (based on January’s number) was much stronger than expected; inflationary pressures […]

Over the course of the next few weeks, we will be discussing the changes we are undergoing on a global scale as well as the forthcoming changes that are affecting […]

When we read market headlines nowadays, the focus is on inflation and the direction of interest rates. The stickiness of prices, as demonstrated by the slowdown in the decline of […]

Are the markets sending signals that run contrary to downbeat expectations? The latter includes IMF estimates for a global slowdown accompanied by recessions around the world, announced layoffs, lower earnings, accumulated […]

It is possible that last year marked a pivot in the markets’ trajectory that is being shaped by too much debt facilitated mainly by central banks, geopolitical risks, the deflating […]

As I was approaching the gate for my end-of-year flight to Montevideo, I could clearly see ahead of me Matthew Arnold and Canaletto. What I couldn’t see was a painting […]

What kind of conclusions could we draw by looking at the two images below? The first one relates the economy’s orders to the S&P 500. Orders could be considered a […]

Over the course of 25+ years, we came to believe that inflation was dead, there was no alternative to stocks, interest rates will stay low forever, tech companies’ stocks will […]

Wednesday evening, I was reading an editorial praising Chairman’s Powell performance following the Fed’s decision to raise rates by another 75 bps. “One for the hawks, one for the doves,” […]

John E. Charalambakis Jonathan Swift’s marvelous work of Gulliver’s Travels is full of subliminal messages regarding geopolitics, statecraft, rationality/irrationality, and intrigues where trivial issues promoted by fanatical incompetent idiotic characters become the […]